Ukrainian State-Owned Bank “Ukrgasbank” Is the Latest Victim of US-Led Privatisation

Translated by Ollie Richardson & Angelina Siard

11:25:09
04/02/2019

strana.ua

The Ministry of Finance, the International Finance Corporation (IFC) [headquartered in Washington D.C. – ed], and state “Ukrgasbank” started to assess and structure a financial instrument for the entry of the IFC into the capital of the bank. This was reported by the press service of the Ministry of Finance.

“Such progress became possible as a result of the successful performance by the Ministry of Finance and “Ukrgasbank” of the conditions of the tripartite Memorandum of understanding signed in November 2017 on supporting the privatisation of the bank”

it is said in the statement

According to the Memorandum, the IFC promoted “Ukrgasbank” in strengthening its corporate management, as well as ensuring its operational independence and the further improvement of the constant bank model based on commercial expediency.

“Successful cooperation between the national bank and an international financial institution already allowed to implement more than 145 projects in the sphere of clean power with the use of biofuel, hydraulic power, and solar and wind energy with a general power of objects of 866 megawatts, and this is a quarter of the entire capacity of renewable energy in Ukraine”

said the Ministry of Finance

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